A certain gentleman acquired 54 gold bonds issued by the Weimar Republic in 1934. The value of each was 2500 troy ounces of gold. The bonds matured in 1954, at which time the value of each was 2500 troy ounces of gold at 1954 prices. The price of gold at that time was around $350 per troy ounce. The bonds could not be redeemed because in 1954 there was no single German country—it had been divided into two nations. But provisions of the bond stated that from 1954 onward the unredeemed bonds grew in value according to the exponential formula Value = Initial value × 1.00019365t, where t is the number of years since 1954. What was the total value of this man's 54 bonds in 2013? Give your answer in billions of dollars rounded to two decimal places. $ billion If the bonds remain unredeemed in 2026, what will be their total value? Give your answer in billions of dollars rounded to two decimal places. $ billion
A certain gentleman acquired 54 gold bonds issued by the Weimar Republic in 1934. The value of each was 2500 troy ounces of gold. The bonds matured in 1954, at which time the value of each was 2500 troy ounces of gold at 1954 prices. The price of gold at that time was around $350 per troy ounce. The bonds could not be redeemed because in 1954 there was no single German country—it had been divided into two nations. But provisions of the bond stated that from 1954 onward the unredeemed bonds grew in value according to the exponential formula
where t is the number of years since 1954.
What was the total value of this man's 54 bonds in 2013? Give your answer in billions of dollars rounded to two decimal places.
$ billion
If the bonds remain unredeemed in 2026, what will be their total value? Give your answer in billions of dollars rounded to two decimal places.
$ billion
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
